A 70-year-old woman in Udon Thani is among several victims seeking justice after reportedly losing half a million baht in an alleged investment scam involving The iCon Group. The victims, accompanied by Panumas “Hia Piak” Jitravasin, a well-known activist, filed complaints with local police on October 14. Many of the complainants, including retirees and small business owners, said they were lured by promises of high returns.
The elderly vendor recounted that she mortgaged her inherited land to invest 500,000 baht—split equally between herself and her daughter—hoping the returns would benefit future generations. However, the products she received, such as effervescent tablets, failed to sell, leaving her saddled with unsold stock and debt. “I believed it was a good opportunity to secure income for my family, but it turned into a financial nightmare,” she said. Now struggling to meet a monthly interest payment of 5,000 baht, she has appealed to iCon’s CEO, Waratthapon “Boss Paul” Waratthawarakul, for reimbursement.
Deputy Superintendent Ditthawat Thawornsinpong of the Udon Thani police confirmed that the network operated similarly to a multi-level marketing (MLM) scheme. While the legal status of the group remains under investigation, authorities have not ruled out the possibility of it being a pyramid scheme. Police are urging other victims in the province to come forward.
The iCon Group has recently drawn national attention after voice recordings surfaced, implicating “Boss Paul” in dealings with politicians and officials. Waratthapon admitted the authenticity of the clips but denied bribing any officials. In response to the controversy, he warned media outlets to remove the recordings by October 18, threatening legal action under wiretapping laws.
Meanwhile, the Office of the Consumer Protection Board (OCPB) is reviewing allegations against The iCon Group, including misuse of a public service award the company previously received. In light of the scandal, the Anti-Money Laundering Office (AMLO) has temporarily seized assets worth over 125 million baht linked to the company and its executives. The government has also formed a seven-member investigative committee to expedite the case, with findings expected within 30 days.
Prime Minister Paetongtarn Shinawatra has ordered agencies to intensify efforts to prevent future fraud, emphasizing public education and stricter regulations on direct sales. As investigations continue, officials are also probing whether the leaked audio was altered or AI-generated to determine its use as evidence.
